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Why the demand for healthcare is complex

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Reference no: EM133255199

Demand is one of the central ideas of economics. Demand forecasts are essential to management. Most management decisions are based on revenue projections. Revenue projections, in turn, depend on estimates of sales volume, given prices that managers set. The implications of demand are not limited to market-oriented systems, however. Demand theory predicts that if care is not rationed by prices, it will be rationed by other means, such as waiting times, that are often inconvenient for consumers.

Why the Demand for Healthcare is Complex

The demand for medical care is more complex than the demand for many other goods for four reasons:

  1. The price of care often depends on insurance coverage.
  2. Healthcare decisions are typically quite perplexing.
  3. This complexity contributes to consumer's poor information about costs and benefits of care.
  4. The net effect of complexity and consumer ignorance is those producers have a significant influence on demand. (The Demand for, 2021).

Reference no: EM133255199

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